CAIRO - 5 February 2024: During the fiscal year 2022/2023, the total premiums collected by insurance companies reached EGP 70 billion up from LE 56.2 billion in FY2021/2022 EGP 56.2 billion, representing a growth rate of 24.7 percent.
This came during the participation of Chairman of Financial regulatory authority (FRA), Mohamed Farid at the 3rd Microinsurance Conference.
Moreover, the compensation paid to insurance company clients also experienced a rise in FY 2022/2023 to reach LE 33.6 billion, compared to LE 27.3 billion in FY 2021/2022, an increase of 23.0 percent.
Additionally, the net assets of insurance companies witnessed a surge of 35.4 percent, reaching LE 242.2 billion during FY 2022/2023, compared to LE 178.9 billion in FY 2021/2022, according to Farid's statements.
Furthermore, insurance companies' net investments saw a growth of 36.2 percent in FY 2022/2023, to record LE 208.9 billion, compared to LE 153.4 billion in FY 2021/2022, indicating a growth rate of 36.2 percent.
In January, the FRA made a decision to raise the maximum amount of micro-insurance by 10 percent, resulting in an increase from LE 220 thousand to LE 242 thousand.
Moving on to consumer finance companies, the FRA reported that they provided LE 43.32 billion to customers between January and November 2023, compared to LE 26.84 billion during the same period in 2022, a growth of 61.4 percent.
Regarding private insurance funds, their total investments in Egypt reached LE 22.5 billion between January and November 2023, compared to LE 18.4 billion during the same period of 2022, with a growth rate of 22.7 percent, according to FRA’s report in January.
Finally, focusing on the volume of insurance fund investments during November alone, it amounted to LE 2.3 billion, reflecting a growth rate of 29 percent compared to November 2022, during which LE 1.8 billion was invested.
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